132 FINANCIAL STATEMENTS & OTHERS ENRA GROUP BERHAD ANNUAL REPORT 2023 Notes To The Financial Statements 31 March 2023 (Cont’d) 11. TRADE AND OTHER RECEIVABLES (CONT’D) (i) (Cont’d) During the year, the Company recognised an impairment loss on amount owing from subsidiaries of RM3,419,000 (2022: RM nil). The movements in allowance for impairment losses of amounts owing by subsidiaries during the year were as follows: Amounts owing by subsidiaries Lifetime ECL Specific Total allowance allowance allowance Company RM’000 RM’000 RM’000 At 1 April 2022 - - - Charge for the year 1,880 1,539 3,419 At 31 March 2023 1,880 1,539 3,419 Specific allowance refer to individually determined debtors who are in significant financial difficulties and have defaulted on payments to be impaired as at the end of the reporting period. (j) Information on financial risks of trade and other receivables is disclosed in Note 36 to the financial statements. 12. CONTRACT ASSETS/(CONTRACT LIABILITIES) Group 2023 2022 RM’000 RM’000 Contract assets Non-current 168 276 Current 1,140 1,046 1,308 1,322 Contract liabilities Current (1,192) (962) (a) Contract assets represent the timing differences in revenue recognition and the milestone billings. The milestone billings are structured and/or negotiated with customers to reflect physical completion of the contracts. Contract assets are transferred to receivables when the rights to economic benefits become unconditional. This usually occurs when the Group issues billing to the customer typically within 30 days to 90 days. Contract liabilities are recognised as revenue when performance obligations are satisfied.
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